Club group at Hilton Head

All this info about financial misdoings at the Club Group has me worried. Swallowtail at Sea Pines will certainly be tainted by all these investigations. What do other owners think?

I own at Spicebush and am worried as well. We received a letter from the Club Group today assuring us a complete audit by an independent firm
is underway..did you receive that as well? What a mess.......

Club Group financial irregularities cited - from the Island Packet


Sheriff insists "person of interest" in missing couple case committed suicide - from the Island Packet

Richard

We received the Club Group letter also, but I am concerned. I will be heading to HHI today - staying with friends in units outside Sea Pines, but will try to get more info while there. But I am not sure what can be obtained other then what's in the local paper.

Please let us know if you hear anything new. I hope the "financial irregularities" are limited to the actions of the one person. I will say (until this happened) I had felt very positive about the Club Group and the improvements they were making at Spicebush. I also stayed at Swallowtail
(on an AC) a year or so ago and was impressed with the unit there as well.
Let's hope for the best...although I really have no hope for the poor missing couple....

Sheriff's Office Still Mum on Missing Couple Investigation - from the Island Packet

Richard

I listened to the Audio feed of Sheriff P.J Tanner's Press Conference today
(3/26) about the Dennis Gerwing suicide. One of the answers Sheriff Tanner gave to a question about the financial irregularities at the Club Group was that the financial information had been turned over the FBI which was handling that portion of the investigation.


Richard

Spicebush Update

Spicebush owners received a letter dated May 12, 2008 which confirmed what many owners were fearing. 2.1 Million has been misappropriated with Spicebush missing the fourth largest amount of the 8 properties involved.

$260,000 is missing from Spicebush accounts. It is thought that the funds from all 8 properties were co-mingled into one secret account that Dennis Gerwing had access to. It is said that year end accounting would not likely uncovered this as funds were moved back and forth and would likely have been moved back for any audit.

Mark King, the President of Club Group has vowed to restore the funds to the properties. This will be accomplished through use of his personal funds, cooperation with Mr. Gerwing's estate and the insurance company for Spicebush. We were informed that $74,000 of the missing funds from Spicebush have been returned.

Have any owners from the other involved properties received any information? Care to share?

I own at Spicebush as well and got the same letter...I am interested to know how Swallowtail owners have fared. It does sound like the Club Group is determined to pay back the stolen funds, so I guess it could be worse....

Deb

Calvert case & Club Group Investigation Update - from the Island Packet

Audit: "Person of Interest" in missing couple case embezzled $2.1M - from the Island Packet


Richard

I was at Swallowtail last week and saw a copy of the Swallowtail letter. Its account was hit for $760,000 of which $215,000 has already been recovered. Mark King has pledged personal assets toward repayment. I am sure that all funds will be recovered. The letter also addressed the Interval reassessment. In addition, I spoke to the II representative on the Island who is now located at the Marriott Grande Ocean. He stated that the Premire/Select classification comes from tow sources - exchangers evaluations and a checklist inspection done by II. Apparently Swallowtail falls down on the checklist part for failing to have a lot of onsite items and the fact that appaliances do not match. I believe that Club Group people are still negotiating with II, but I suspect it will not change. More importantly I feel that Swallowtail trading power will not suffer too much, if at all. Although we always go to our week(#19 - May), I see that it qualifies for a 2009 accomodation certificate. In addition, the letter states that there is now a Swallowtail website (and I assume there is one for Spicebush also)

Yes, the Spicebush website is http://swallowtailatseapines.com

I'm a Swallowtail owner and have not received a letter yet. I appreciate the post! I also didn't know about the website so another big thank you, Tuggers.

Deb